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Old 19-09-2018, 17:37   #16
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Re: Should I buy a boat that has had extensive hull repairs?

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Originally Posted by Marathon1150 View Post
We discovered somewhat by accident that a boat we have made an offer on hit a reef about 2 years ago. Extensive repairs were made and the insurer paid. the repairs were made by a highly regarded suite of specialist boat yards and involved dropping the keel, fairing the hull and replacing the keel in addition to repairing the stringers and pan inside the boat. Should we walk away or should we revise our offer downward after learning of damage that cost more than 50% of the value of the boat? The boat has been otherwise well cared for and is well equipped. Any advice will be much appreciated.
The seller is a liar, there are other boats. I would be furious about the concealment.
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Old 20-09-2018, 00:42   #17
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Re: Should I buy a boat that has had extensive hull repairs?

When you buy a boat, you get what you see/survey and assume some risks. Any risk has its value. For example, repairing a crack in the hull might cost 2000 $. If you estimate that there is a 50% chance that you will have to do it within the next year, the total price should be lowered by 50%x2000$x(a coefficient that shows the trouble and the lost sailing trips) = probably around 1500$. Fairness means that the seller and the buyer accept that. If you say to a buyer "I do not know about the crack", in his mind the probability would be higher. If you show him pictures about the repair, invoices to show that the quality of the materials and labor was good, in his mind the probability will decrease (and hence the price will grow).
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Old 20-09-2018, 02:00   #18
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Re: Should I buy a boat that has had extensive hull repairs?

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Originally Posted by sazarac View Post
The seller is a liar, there are other boats. I would be furious about the concealment.
If the boat was repaired to a high standard, there is no concealment since the problem no longer exists.
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Old 20-09-2018, 04:01   #19
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Re: Should I buy a boat that has had extensive hull repairs?

Your right Kenomac, a good repair could be almost invisible. I have surveyed a number of well repaired boats and could not find the damaged area even when told where it was.
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